TeraWulf Inc. and Fluidstack have announced plans for a US$1.275 billion secured note offering tied to their joint venture, aimed at financing expansion of bitcoin mining infrastructure powered by low‑carbon energy sources.
The offering would involve the issuance of secured notes backed by the joint venture’s assets and revenue streams, enabling the partners to raise capital at scale without diluting existing equity. Proceeds are expected to support the development of additional mining facilities, upgrade energy‑efficient hardware, and enhance data centre operations that leverage Fluidstack’s distributed computing network and TeraWulf’s renewable‑focused mining strategy.
TeraWulf has positioned itself as a leader in environmentally conscious bitcoin mining, operating facilities in locations such as West Virginia that utilise hydroelectric and other sustainable power sources. Fluidstack, a distributed computing platform, allows owners of unused computing capacity to contribute to mining and decentralized workloads, bringing additional flexibility and energy optimisation to the joint venture.
Market observers say that the secured note offering reflects growing interest among institutional investors in cryptocurrency infrastructure, particularly projects with explicit environmental, social and governance (ESG) credentials. By structuring the funding as a note offering, TeraWulf and Fluidstack aim to appeal to fixed‑income investors seeking yield linked to the fast‑growing digital asset sector.
The parties have not yet provided a timetable for the note issuance or detailed terms such as interest rates, maturity dates or trustee arrangements. Regulatory filings are expected in the coming weeks, and the venture will likely host investor presentations to outline the project’s financial projections and risk profile.
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